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According to research by moneysupermarket.com, the nation is divided regarding the Government’s car scrappage scheme. It would seem that just 5 percent of respondents are intending to seize the opportunity, whilst 8 percent would consider doing so. In contrast, 13 percent are of the opinion that it would be more cost-effective for them to sell their car privately and then drive a hard bargain when purchasing their next car.

The price comparison website also revealed that 20 percent of respondents are not in a position to change their car for financial reasons, and 14 percent do not feel that they need to change their car. In relation to the car scrappage scheme, it was found that 33 percent do not qualify for it as their vehicle is less than ten years old. Finally, a further 6 percent of respondents admitted to not owning a car.

Head of motor insurance at moneysupermarket.com, Steve Sweeney, commented: “The Government’s £300 million scrappage scheme pot could have been considered by some a ‘flash in the pan’ solution to the UK’s ailing motor industry. While one in five of those who have bought new cars since the announcement have done so through the scrappage scheme, our research shows there are many who stand by other options available; selling a car privately and then negotiating on the next model.

“For motorists wanting to take advantage of the scheme I urge them not to waste any time - once the cash pot is dry the scheme will end, regardless of the March 2010 end date.”

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Homeowners that are looking to purchase a new car, but are not currently in a position to do so due to stretched finances, could consider re-organising these finances with a debt consolidation loan. One of many finance options available, a debt consolidation loan could be used to tie up any existing credit cards and/or personal loans into one place. This could leave the borrower with just one, potentially lower, monthly repayment. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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